The State Oil Fund of Azerbaijan intends to begin buying renminbi-denominated assets by the end of the year, subject to approval from Chinese regulators, Shahmar Movsumov, chief executive of the $37bn sovereign wealth fund, has said.
The move is part of a strategy the fund finalised at the end of last year to diversify beyond its traditional holdings of dollar- and euro-denominated fixed income, by boosting exposure to currencies other than the greenback, euro and pound from 5% to 10%, Movsumov told the Financial Times...............................................Full Article: Source